KUALA LUMPUR, May 02, 2008 (AsiaPulse via COMTEX) -- -- Bank Negara Malaysia (BNM) has approved OSK Holdings Berhad's (KLSE:5053) proposal to establish a wholly-owned unit in Cambodia to undertake commercial banking activities.
Malaysia's central bank gave its greenlight in a letter dated 23 April 2008 to OSK's wholly-owned subsidiary, OSK Investment Bank Berhad (OSKIB), OSK said in a statement to Bursa Malaysia on April 28.
OSK also said the National Bank of Cambodia (NBC), in a letter dated 24 April 2008, granted its approval in principle for the incorporation of a commercial bank with the name of OSK Indochina Bank Limited (OSKIBL).
As part of the conditions, OSKIBL is required by Cambodia's central bank to commence operation by 31 October 2008, the statement said.
Malaysia's central bank gave its greenlight in a letter dated 23 April 2008 to OSK's wholly-owned subsidiary, OSK Investment Bank Berhad (OSKIB), OSK said in a statement to Bursa Malaysia on April 28.
OSK also said the National Bank of Cambodia (NBC), in a letter dated 24 April 2008, granted its approval in principle for the incorporation of a commercial bank with the name of OSK Indochina Bank Limited (OSKIBL).
As part of the conditions, OSKIBL is required by Cambodia's central bank to commence operation by 31 October 2008, the statement said.
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